search query: @author Butkiewitz, J. / total: 1
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| Author: | Butkiewitz, J. McConnell, M. |
| Title: | The stability of the demand for money and M1 velocity: evidence from the sectoral data |
| Journal: | Quarterly Journal of Economics
1995 : FALL, VOL. 35:3, p. 233-244 |
| Index terms: | DEMAND MONEY INFORMATION |
| Language: | eng |
| Abstract: | Sectoral money demand functions are estimated using flow of funds data. Cointegrating relationships are found for household and (nonfinancial) business sectors. Estimated error-correction models for both sectors , however, exhibit parameter nonconstancy for time periods which roughly correspond with important financial innovations and deregulations. Thus, sectoral estimates of money demand relationships are consistent with the view that innovations and deregulation contribute to the nonstationarity of M1 velocity. |
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